Auction clearance rates fell over the weekend in Australia’s two largest cities as an increased number of homes went under the hammer.
In New South Wales, a provisional auction clearance rate of 63% was recorded on 344 auctions reported to the REINSW. This compares to a provisional clearance rate of 65% recorded last weekend on 317 auctions. The number of auctions, although up from the previous weekend, was still -11% below the same weekend of last year.
In Victoria, a provisional auction clearance rate of 55% was recorded over the weekend on 462 auctions reported to the REIV. This compares to a provisional clearance rate of 59% recorded last weekend on 430 auctions (later revised down to a clearance rate of 56% by the REIV). This week’s provisional result was almost identical to that recorded in the same weekend of last year, where a clearance rate of 55% was recorded on 468 auctions.
One interesting aspect about the auction results published by the various Real Estate Institutes is that they tend to be more positive than those reported later in the week by RP Data. Last week’s auction results, which reported clearance rates of 65% and 55% respectively for New South Wales and Victoria by the REINSW and REIV, were recorded by RP Data as clearance rates of 54% and 51% respectively for Sydney and Melbourne:
Twitter: Leith van Onselen. Leith is the Chief Economist of Macro Investor, Australia’s independent investment newsletter covering trades, stocks, property and yield. Click for a free 21 day trial.
